ASEAN: Market for Flat-Rolled Products Of Silicon-Electrical Steel 2025

Market Size for Flat-Rolled Products Of Silicon-Electrical Steel in ASEAN

In 2021, the ASEAN silicon-electrical steel flat-rolled product market increased by 18% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, recorded a pronounced descent. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Flat-Rolled Products Of Silicon-Electrical Steel in ASEAN

In value terms, silicon-electrical steel flat-rolled product production contracted to $X in 2021 estimated in export price. Over the period under review, production saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 43% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Flat-Rolled Products Of Silicon-Electrical Steel

Exports in ASEAN

In 2021, overseas shipments of flat-rolled products of silicon-electrical steel increased by 27% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports saw resilient growth. The growth pace was the most rapid in 2017 when exports increased by 86% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, silicon-electrical steel flat-rolled product exports soared to $X in 2021. In general, exports saw resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam represented the key exporting country with an export of about X tons, which amounted to 70% of total exports. Malaysia (X tons) took the second position in the ranking, distantly followed by Singapore (X tons). All these countries together held near 28% share of total exports.

Vietnam was also the fastest-growing in terms of the flat-rolled products of silicon-electrical steel exports, with a CAGR of +28.2% from 2012 to 2021. At the same time, Malaysia (+10.9%) and Singapore (+1.3%) displayed positive paces of growth. From 2012 to 2021, the share of Vietnam increased by +41 percentage points.

In value terms, Vietnam ($X) emerged as the largest silicon-electrical steel flat-rolled product supplier in ASEAN, comprising 68% of total exports. The second position in the ranking was taken by Singapore ($X), with a 16% share of total exports.

In Vietnam, silicon-electrical steel flat-rolled product exports increased at an average annual rate of +33.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Singapore (+2.5% per year) and Malaysia (+1.4% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, picking up by 30% against the previous year. In general, the export price, however, saw a noticeable descent. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.9%), while the other leaders experienced mixed trends in the export price figures.

Imports of Flat-Rolled Products Of Silicon-Electrical Steel

Imports in ASEAN

In 2021, after two years of decline, there was significant growth in overseas purchases of flat-rolled products of silicon-electrical steel, when their volume increased by 21% to X tons. The total import volume increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, silicon-electrical steel flat-rolled product imports surged to $X in 2021. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand was the major importer of flat-rolled products of silicon-electrical steel in ASEAN, with the volume of imports reaching X tons, which was near 46% of total imports in 2021. Vietnam (X tons) held the second position in the ranking, followed by Malaysia (X tons), Indonesia (X tons) and Singapore (X tons). All these countries together took approx. 50% share of total imports. The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to silicon-electrical steel flat-rolled product imports into Thailand stood at +5.3%. At the same time, the Philippines (+16.8%) and Vietnam (+2.8%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +16.8% from 2012-2021. By contrast, Malaysia (-3.4%), Singapore (-3.8%) and Indonesia (-4.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Thailand, Vietnam and the Philippines increased by +14, +2.8 and +2.3 percentage points, respectively.

In value terms, Thailand ($X), Vietnam ($X) and Malaysia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 79% share of total imports. Indonesia, Singapore and the Philippines lagged somewhat behind, together comprising a further 20%.

The Philippines, with a CAGR of +16.7%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, picking up by 27% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the Philippines ($X per ton) and Singapore ($X per ton), while Malaysia ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform